PLANT, PIPELINE AND EQUIPMENT

12 Months Ended

Dec. 31, 2014

PLANT, PIPELINE AND EQUIPMENT [Abstract]

NOTE 8 – PLANT, PIPELINE AND EQUIPMENT

Plant, pipeline and equipment include the following at December 31:

	2014			2013
	(thousands of dollars)
Platinum catalyst	$	1,612		$	1,612
Land		4,577			1,577
Plant, pipeline and equipment		95,351			71,115
Construction in progress		11,590			824
Total plant, pipeline and equipment		113,130			75,128
Less accumulated depreciation		(39,319	)		(33,203	)
Net plant, pipeline and equipment	$	73,811		$	41,925

Plant, pipeline and equipment serve as collateral for our amended and restated loan agreement with a domestic bank (see Note 12).

Interest capitalized for construction for 2014, 2013 and 2012 was not significant to the consolidated financial statements.

Catalyst amortization relating to the platinum catalyst which is included in cost of sales was $84,269, $38,232 and $19,268 for 2014, 2013 and 2012, respectively.

- Definition

The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures.

+ References+ Details